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The Economic Crime and Corporate Transparency Bill – no silver bullet for the SFO
The Economic Crime and Corporate Transparency Bill was announced to Parliament for the first time on 22 September 2022, further signalling the UK’s attack on economic crime and its attempt at improving transparency over corporate entities. Here, we focus on the proposal that will allow the Serious Fraud Office to compel suspected criminals and institutions to disclose information linked to a suspected crime at the pre-investigative stage of a case.
Russia – Ukraine crisis: will safe corridors be enough?
As the first vessel laden with corn departs Odesa port following Russia and Ukraine’s agreement on a ‘safe corridor’ for the shipment of grain stockpiles, we consider the associated challenges for the marine industry and its insurers.
Russia - Ukraine crisis: impact of global sanctions on shipping
As Russia’s invasion of Ukraine progresses, global leaders have responded by imposing increasingly severe sanctions against Russia, Russian companies and Russian individuals. Here, we consider the impact of the current sanctions from various jurisdictions around the world, with a focus on those areas which might impact the global shipping and trade industry.
The taming of the few: The Economic Crime (Transparency and Enforcement) Act 2022
After years of discussion about ways to thwart the flow of so called dirty money, UK Parliament has fast tracked, in what has been reported to be at unprecedented speed, the journey of The Economic Crime (Transparency and Enforcement) Act 2022 (ECA) in response to the recent armed conflict in Ukraine.
Russia - Ukraine crisis: impact on charterparties
The Russian invasion of Ukraine remains ongoing, with conflict in various parts of the country, including in port regions. Here, we consider some of the immediate questions which may arise under charterparties and contracts of carriage subject to English law, following the outbreak of conflict.
UW-no – the rise and fall of Unexplained Wealth Orders
For many years, the UK has been given the unenvious title of being a hub for money-laundering, with UK enforcement agencies lacking the armoury to tackle the influx of dirty money. The fast-tracking of the Economic Crime Bill, in response to the Russia/Ukraine conflict, is a further attempt by the UK to financially cleanse UK PLC.
Cryptocurrency and ESG – heading for a collision course?
Crypto no longer represents a murky sector of investing but is now a legitimate asset class. Mainstream investors are increasingly including crypto in portfolios as an inflation hedge alongside traditional assets. While crypto has been catapulted into the mainstream in the last couple of years or so, ESG – incorporating Environmental, Social, and Governance measures into running a business - has been a topic of discussion since the seminal 2004 UN report ‘Who Cares Wins’.
Singapore Imposes Sanctions Against Russia
On 5 March 2022, Singapore Ministry of Foreign Affairs announced details of Singapore’s new sanctions against Russia.
The sanctions which aim to constrain Russia’s capacity to conduct war against Ukraine and undermine its sovereignty fall within two broad categories:
- The imposition of export controls on items that can be directly used as weapons to inflict harm on or to subjugate the Ukrainians, and items that can contribute to offensive cyber operations.
- The imposition of financial measures targeted at designated Russian banks, entities and activities in Russia, and fund-raising activities benefiting the Russian government.
Russia - Ukraine crisis: impact on aviation
The Russian invasion of Ukraine on 24 February 2022 has led to a number of international sanctions aimed at Russia, Russian individuals and companies. These sanctions will have a considerable impact on the aviation industry outside of Russia, but will also have a particularly severe impact on airlines operating within Russia.
Russia – Ukraine crisis: sanctions update
In a recent bulletin, we outlined the potential sanctions that may be deployed against Russia in the event of an invasion of Ukraine and the potential measures insurers might consider implementing by way of preparation. Now that Russian troops have crossed the border into Ukraine, the scope of the sanctions that have been enacted and may be enacted in the near future is becoming clearer.